update (0853ET): As expected the White House and Treasury's actions against Russia today are sweeping and have some serious teeth, with the US expelling ten of its diplomatic personnel from the Russian Embassy in Washington, which is said to include intelligence officials. 

Further, the US will ban American banks from buying new Russian sovereign debt starting June 14. The White House fact sheet detailing the Biden executive order's multi-layered action details:

Treasury issued a directive that prohibits U.S. financial institutions from participation in the primary market for ruble or non-ruble denominated bonds issued after June 14, 2021 by the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation; and lending ruble or non-ruble denominated funds to the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation.